There are two unrelated parts to this question. Part 1
is worth 9 marks and Part 2 is worth 11 marks.
On 1 January 2018, Walli Ltd purchased equipment for a total
cost of $55,016 paying cash. The estimated useful life of the
equipment was 8 years, with an estimated residual value of $5,000.
The entity’s reporting period ends on 30 June, and it uses
straight-line depreciation. On 1 July 2018, Walli Ltd revalued the
equipment upwards to reflect the...